MRA approves $700K in public funds for $23.5M bank project
A $23.5 million new bank and mini-plaza is coming to the Midtown area of Missoula using an innovative form of construction, and the project will get a boost from public funding.
On Wednesday the Missoula Redevelopment Agency approved spending $711,083 in Tax Increment Financing to pay for deconstruction of two existing older buildings and improvements to public streets and sidewalks around the new building. The money will also pay for adding street trees and burying an overhead utility line.
“First Security Bank plans to consolidate operations from multiple facilities into a new three‐story building at the corner of Garfield Street and Dearborn Avenue,” explained Annie Gorski, the deputy director of the MRA. “The bank is requesting funding for public improvements in the right of way surrounding the site, as well as deconstruction of two existing buildings onsite.”
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She recommended that the board approve the project, which it did unanimously.
“If approved, Urban Renewal District III assistance will leverage $23.5 million in private investment for this catalyst project in Midtown, developed using innovative cross-laminated timber,” Gorski said. “The (TIF) assistance will prevent building materials (asphalt, wood, roof trusses,